Siblings Go into Business Together

The Issue

Three siblings wanted to form a business using the property they inherited. They had a wide age spread, broad differences in financial management styles, and varying life experiences. Their differences were exacerbated by heavy judgment, “Why are you not like me?”

Aware of these extreme differences, none of them really believed they could create a successful business. They all feared that the pressure of working together might drive them further apart. Yet, they had a jewel of an opportunity if they could just figure out how to come together to make this work!

The Solution cultivated by AFBC

Advantage Family Business Center’s (AFBC) relationship coaching helped them develop a system and a plan that drew upon their strengths. AFBC facilitated their meetings to help them work out their differences. The group used Partnership By Design© as the basis for their agreement.

AFBC conducted individual coaching sessions with each sibling to gain a clear understanding of needs, desires, concerns, strengths and challenges each would bring to the potential team.

A significant amount of coaching energy was devoted to helping each sibling get clear about what he or she wanted and the best way to present that to the group.

At first they held facilitated meetings to keep the playing field safe and level. The sibling group first made agreements about how they wanted to communicate, and how they wanted to handle disagreements, large or small. They came to recognize what made their “system” work well.

From there a very complete business plan was developed and put into action.

Results

The result was a finely honed partnership where the huge differences between the individuals became valued strengths.

AFBC helped the siblings and their spouses build a highly functional team and create a clear business plan.

2007 is their 8th year in business. They have tripled their asset value and paid off their debt while enjoying a strong income stream. Their family dream is being lived out while they relish working together.